“Has a unique opportunity to acquire mining assets for the long-term.”
by Lara Smith (Core Consultants)
China Molybdenum (CMOC) has long earned its reputation as a highly acquisitive company. In 2015, it made its intentions known that it would pump around $2bn into acquiring mining assets outside of China. Traditionally a molybdenum and tungsten producer, CMOC has targeted copper in recent years, paying $820m for Rio Tinto’s Northparkes copper mine in New South Wales in 2013 and bidding for Barrick’s Zadivar mine in 2015.
Earlier this year the company revealed that it had earmarked $4bn to acquire assets following its agreement to purchase Anglo’s Brazilian niobium and phosphate operations, which is regarded as a diversification from the more volatile metals market.